TOSCANA ENERGY CONTINUES NORMAL COURSE ISSUER BID

Calgary, Alberta, May 22, 2018– Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) today announces that a Notice of Intention to commence a Normal Course Issuer Bid (the “Bid”) has been approved by its Board of Directors (the “Board”) and has been filed with and accepted by the Toronto Stock Exchange. Toscana commenced a normal course issuer bid on May 23, 2017 (the “Existing Bid”) under which, as at May 16, 2018, it has acquired an aggregate of 243,296 common shares at an average price of $0.7524 per share. The Existing Bid will expire on May 22, 2018 and notwithstanding such purchases made under the Existing Bid, the Corporation continues to believe that the purchase of its shares at recent market prices is a worthwhile investment since, in its view, recent market prices of its shares do not properly reflect the underlying value of its assets and business.

Pursuant to the Bid, Toscana is authorized to repurchase up to 585,500 common shares in the capital of Toscana (“Common Shares”), which is equal to 10% of Toscana’s public float and approximately 8.3% of the issued and outstanding Common Shares as at May 17, 2018. As at May 17, 2018, there were 7,053,035 Common Shares issued and outstanding. The average daily trading volume of the Corporation’s Common Shares from November 1, 2017 to April 30, 2018 was 9,475.63Common Shares (“ADTV”). Accordingly, pursuant to the rules of the Toronto Stock Exchange, the maximum number of Common Shares that the Corporation may repurchase in any one day is 25% of the ADTV, which totals 2,368Common Shares. Toscana may also make one block purchase per calendar week which exceeds the daily repurchase restriction.

The Bid will commence on May 24, 2018 and will terminate on the earlier of: (i) May 23, 2019; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to the Bid. Purchases of Common Shares under the Bid will be effected through the facilities of the Toronto Stock Exchange, other alternative trading platforms or any other exchange recognized or designated by the securities regulatory authorities as a “designated exchange” as such term is defined in Multilateral Instrument 62-104 – Take Over Bids and Issuer Bids, at themarket price at the time of purchase. Common Shares purchased pursuant to the Bid will thereafter be cancelled.

Canaccord Genuity Corp. (“Canaccord”) will be the broker firm responsible for making purchases of Common Shares under the Bid on behalf of Toscana pursuant to an automatic share repurchase plan agreement to be datedas of May 24, 2018 between Toscana and Canaccord (the “Agreement”). Concurrent with entering into the Agreement, Toscana provided Canaccord with a certificate, executed by an officer of Toscana, confirming that Toscana is aware of the Agreement and that to the best knowledge of such officer, there is no material undisclosed information regarding Toscana. Pursuant to the Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by Canaccord in its sole discretion, without consultation with Toscana, having regard to the price limitations (including a maximum price payable per share as determined by Toscana) and other terms of the Agreement and the rules of the Toronto Stock Exchange.

About Toscana Energy Income Corporation

Toscana Energy is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.